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Market Outlook April 12, 2016

Market Cues

Indian markets are expected to open on a flat note tracking the SGX Nifty and Global Markets.

After failing to sustain an early upside move, US stocks ended mostly unchanged yesterday. The pullback came as investors remained cautious ahead of first-quarter company earnings. Japanese Yen showing continued strength may have also weighed on the markets.

The European markers recovered well and ended in the positive zone yesterday after a weak start. The gains can be attributed to gain in Italian banks and as mining stocks gained on rising metal prices.

Indian shares recovered early losses yesterday and closed convincingly higher, in line with global markets. Late buying in large cap stocks boosted Indian markets. Market sentiment was also boosted on expectations of normal monsoon this year.

News & Result Analysis

Tata Steel sells Scunthorpe steel plant to Greybull Capital

Tamil Nadu may follow Bihar on liqour ban Detailed analysis on Pg2

Investor’s Ready Reckoner

Key Domestic & Global Indicators

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg5 onwards

Top Picks Company Sector Rating

CMP (`)

Target(`)

Upside (%)

Amara Raja Auto & Auto Ancillary Buy 891 1,040 16.8

HCL Tech IT Buy 839 1,038 23.7

LIC Housing Financials Buy 478 592 23.9

Bharat Electronics Capital Goods Buy 1,151 1,414 22.9

Navkar Corporation Others Buy 183 265 44.8

More Top Picks on Pg3

Key Upcoming Events Date Region

Event Description

Previous Reading

Consensus Expectations

Apr 12 UK CPI (YoY) 0.30 0.40

Apr 12 India Industrial Production (YoY) (1.50) 0.70

Apr 13 US Producer Price Index (mom) (0.6) -

Apr 13 China Exports YoY% (25.40) 10.00

6.( 6.(

More Events on Pg4

Domestic Indices Chg (%) (Pts) (Close)

BSE Sensex 1.4 348 25,022

Nifty 1.5 116 7,671

Mid Cap 1.1 116 10,710

Small Cap 0.6 67 10,732

Bankex 1.7 295 17,990

Global Indices Chg (%) (Pts) (Close)

Dow Jones (0.1) (21) 17,556

Nasdaq (0.4) (17) 4,833

FTSE (0.1) (4) 6,200

Nikkei (0.4) (70) 15,751

Hang Seng 0.3 70 20,441

Shanghai Com 1.6 49 3,034

Advances / Declines BSE NSE

Advances 1,503 930

Declines 1,107 624

Unchanged 118 77

Volumes (` Cr)

BSE 3,856

NSE 15,163

Net Inflows (` Cr) Net Mtd Ytd

FII (33) (1,073) (14,041)

MFs 291 (755) 63,263

Top Gainers Price (`) Chg (%)

Justdial 817 7.4

Relinfra 576 6.5

Idea 115 5.9

Trent 1,662 5.5

Boschltd 19,988 5.3

Top Losers Price (`) Chg (%)

Mrpl 68 (4.8)

Ubl 782 (4.7)

Unitdspr 2,266 (3.9)

Crisil 1,875 (3.7)

Il&Fstrans 77 (3.4)

As on April 11, 2016



Tata Steel sells Scunthorpe steel plant to Greybull Capital

Tata Steel has signed an agreement to sell the loss-making 4.5MT long product Scunthorpe steel plant to UK-based investment firm Greybull Capital for a nominal consideration with the latter taking assets and relevant liabilities. The deal is expected to complete within eight weeks. The Scunthorpe steel plant will be renamed British Steel and will continue to be run by the existing management, who will implement the turnaround plan.

As part of the deal, Greybull is arranging 400 million pounds investment and financing package for its new business and will be approaching banks and shareholders to fund this working capital and future investments at the plant. The Scunthorpe steel plant employs 4,800 people with about 4,400 in the UK and balance 400 in France.

Apart from Scunthorpe steel plant, Tata Steel has also put its 5.5MT (excluding Scunthorpe steel plant) UK-business for sale as it intends to lower its cash drain which has been eating into its margins significantly for quite some time now. Tata Steel has engaged the services of KPMG LLP as the advisers to the sale process of Tata Steel UK while Slaughter and May will be the legal advisers to the proposed transaction.

While the sale of these assets should help reduce the losses from the European business and improve profitability, the nominal consideration implies that Tata steel would not be able to pare its debt with this sale, which is negative. The exact details of the deal amount, treatment of debt and pension liabilities remain uncertain. However, with steel margins remaining under pressure across geographies, we retain our Neutral rating on the stock.

Tamil Nadu may follow Bihar on liquor ban

As per media reports, Tamil Nadu Chief Minister, Jayalalithaa has announced that if re-elected, she will prohibit sale of liquor in the state (in a phased manner). The liquor stocks have reacted negatively to this news as such political event will impact the liquor sales. At the moment, we have a Buy recommendation on Radico Khaitan, which has corrected by ~4% post the announcement. However, we believe that the impact on Radico will not be as severe as Radico has strategically defocused the sale of low margin category brands in the state of Tamil Nadu and as a result, state’s overall contribution has declined from 6-7% in FY2015 to negligible levels (less than 0.5%) for 9MFY2016. Moreover, Radico has shifted its focus from regular brands to premium brands (pan India) which will boost the profitability. We maintain our Buy recommendation on the stock with target price of `156.

Economic and Political News RBI holds `8lk crore of government bonds, says Rajan

India, Maldives resolve to expand defence cooperation

Govt expects good Southwest monsoon this year

Corporate News Tata Motors global sales rise 11% in March

ABNL completes 23% stake sale in Birla Sun Life for `1,664cr

Nalco, Iranian co to form task force for smelter plant



Top Picks ★★★★★ Large Cap

Company Market Cap

(` Cr) CMP

(`)Target

(`) Upside

(%) Rationale

Amara Raja Batteries 15,215 891 1,040 16.8 To outpace battery industry growth due to better technological products leading to market share gains in both the automotive OEM and replacement segments.

Bharat Electronics 27,616 1,151 1,414 22.9 Uptick in defense capex by government when coupled with BELs strong market positioning, indicate that good times are ahead for BEL.

HCL Tech 1,18,352 839 1,038 23.7 The stock is trading at attractive valuations and is factoring all the bad news.

HDFC Bank 2,70,478 1,070 1,262 18.0 Strong visibility for a robust 20% earnings trajectory, coupled with high quality of earnings on account of high quality retail business and strategic focus on highly rated corporates.

Infosys 2,72,938 1,184 1,347 13.7 Back on the growth trend, expect a long term growth of 14% to be a US$20bn in FY2020.

LIC Housing Finance 24,103 478 592 23.9

LICHF continues to grow its retail loan book at a healthy pace with improvement in asset quality. We expect the company to post a healthy loan book which is likely to reflect in a strong earnings growth.

NBCC 11,693 974 1,089 11.8 Huge bid pipeline of re-development works at Delhi and otherState Governments and opportunity from Smart City, positions NBCC to report strong growth, going forward.

Source: Company, Angel Research

Mid Cap

Company Market Cap

(` Cr) CMP

(`)Target

(`)Upside

(%) Rationale

Blue Star 3,559 396 458 15.8

Favorable outlook for the AC industry to augur well for Cooling products business which is out pacing the market growth. EMPPAC division's profitability to improve once operating environment turns around.

Dewan Housing 5,549 190 270 42.0 With a focus on the low and medium income (LMI) consumer segment, the company has increased its presence in tier-II & III cities where the growth opportunity is immense.

IL&FS Transport 2,518 77 93 21.5 Commencement of new projects, downtrend in the interest rate cycle, to lead to stock re-rating

Jagran Prakashan 5,170 158 189 19.5

Economic recovery to have favourable impact on advertising & circulation revenue growth. Further, the acquisition of a radio business (Radio City) would also boost the company's revenue growth.

Mahindra Lifespace 1,791 437 554 26.9 Speedier execution and speedier sales, strong revenue visibilty in short-to-long run, attractive valuations

Navkar Corporation 2,609 183 265 44.8 Massive capacity expansion along with rail advantage at ICD as well CFS augurs well for the company

Radico Khaitan 1,209 91 156 71.6 Earnings boost on back of stable material prices and favourable pricing environment. Valuation discount to peers provides additional comfort

Siyaram Silk Mills 935 997 1,354 35.8 Strong brands and distribution network would boost growth going ahead. Stock currently trades at an inexpensive valuation.

Source: Company, Angel Research

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

Apr 12, 2016 2:00PM UK CPI (YoY) % Change Mar 0.30 0.40

5:30PM India Industrial Production YoY % Change Feb (1.50) 0.70

Apr 13, 2016 US Producer Price Index (mom) % Change Mar (0.60) --

China Exports YoY% % Change Mar (25.40) 10.00

Apr 14, 2016 6:00PM US Initial Jobless claims Thousands Apr 9 267.00 270.00

6:00PM US Consumer price index (mom) % Change Mar (0.20) 0.20

2:30PM Euro Zone Euro-Zone CPI (YoY) % Mar F (0.10) (0.10)

4:30PM UK BOE Announces rates % Ratio Apr 14 0.50 0.50

Apr 15, 2016 India Imports YoY% % Change Mar (5.00) --

India Exports YoY% % Change Mar (5.66) --

6:45PM US Industrial Production % Mar (0.52) (0.10)

7:30AM China Industrial Production (YoY) % Change Mar 5.90 6.00

7:30AM China Real GDP (YoY) % Change 1Q 6.80 6.70

Apr 18, 2016 12:00PM India Monthly Wholesale Prices YoY% % Change Mar (0.91) (0.79)

Apr 19, 2016 6:00PM US Housing Starts Thousands Mar 1,178.00 1,160.00

6:00PM US Building permits Thousands Mar 1,177.00 --

Apr 20, 2016 7:30PM US Existing home sales Million Mar 5.08 5.30

2:00PM UK Jobless claims change % Change Mar (18.00) --

Apr 21, 2016 7:30PM Euro Zone Euro-Zone Consumer Confidence Value Apr A (9.70) --

5:15PM Euro Zone ECB announces interest rates % Apr 21 -- --

Apr 22, 2016 1:00PM Germany PMI Services Value Apr P 55.10 --

1:00PM Germany PMI Manufacturing Value Apr P 50.70 --

Apr 25, 2016 7:30PM US New home sales Thousands Mar 512.00 --

Apr 26, 2016 7:30PM US Consumer Confidence S.A./ 1985=100 Apr 96.20 --

Apr 27, 2016 2:00PM UK GDP (YoY) % Change 1Q A 2.10 --

11:30PM US FOMC rate decision % Apr 27 0.50 0.50

Apr 28, 2016 1:25PM Germany Unemployment change (000's) Thousands Apr -- --

6:00PM US GDP Qoq (Annualised) % Change 1Q A 1.40 --

Apr 29, 2016 2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 1Q A 0.30 --

May 1,, 2016 6:30AM China PMI Manufacturing Value Apr 50.20 --

May 3,, 2016 2:00PM UK PMI Manufacturing Value Apr 51.00 --

Source: Bloomberg, Angel Research

April 12, 2016

Market Outlook

Key Upcoming Events

h

1

Market Outlook

April 12, 2016

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Macro watch

Exhibit 1: Quarterly GDP trends

Source: CSO, Angel Research

Exhibit 2: IIP trends

Source: MOSPI, Angel Research

Exhibit 3: Monthly CPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4: Manufacturing and services PMI

Source: Market, Angel Research; Note: Level above 50 indicates expansion

Exhibit 5: Exports and imports growth trends


Exhibit 6: Key policy rates

Source: RBI, Angel Research

4.5

6.7

7.8

6.4

5.8

7.5

8.3

6.6 6.7

7.6 7.7

7.3

3.0

4.0

5.0

6.0

7.0

8.0

9.0

4Q

FY13

1Q

FY14

2Q

FY14

3Q

FY14

4Q

FY14

1Q

FY15

2Q

FY15

3Q

FY15

4Q

FY15

1Q

FY16

2Q

FY16

3Q

FY16

(%)

2.5 3.0

2.5

4.2 4.3

6.3

3.7

9.9

(3.4)

(1.2) (1.5)

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Jan-16

(%)

5.3

4.9 5.0

5.4

3.7 3.7

4.4

5.0

5.4 5.6 5.7

5.2

-

1.0

2.0

3.0

4.0

5.0

6.0

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Jan-16

Feb-16

(%)

44.0

46.0

48.0

50.0

52.0

54.0

56.0 Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Jan-16

Feb-16

Mar-16

Mfg. PMI Services PMI

(35.0)

(30.0)

(25.0)

(20.0)

(15.0)

(10.0)

(5.0)

0.0

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Jan-16

Feb-16

Exports yoy growth Imports yoy growth(%)

3.00

4.00

5.00

6.00

7.00

8.00

May-15

Jun-15

Jun-15

Jul-15

Aug-15

Aug-15

Sep-15

Oct-15

Oct-15

Nov-15

Dec-15

Dec-15

Jan-16

Feb-16

Mar-16

Mar-16

Repo rate Reverse Repo rate CRR (%)

h

2

Market Outlook

April 12, 2016


Global watch

Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries


Exhibit 2: 2015 GDP Growth projection by IMF (%, yoy) across select developing and developed countries

Source: IMF, Angel Research

Exhibit 3: One year forward P-E ratio across select developing and developed countries

Source: IMF, Angel Research

(5.9)

(3.8)

5.3

6.8

0.6

5.0 4.5

2.8

2.1 2.0 2.1

1.4

0.7

(8.0)

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

Brazil

Russia

India

China

South A

frica

Indonesia

Malaysia

Thailand

UK

USA

Germ

any

France

Japan

(%)

(3.0)

(3.8)

7.3 6.8

1.4

4.7 4.7

2.5 2.5 2.6

1.5 1.2

0.6

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

Brazil

Russia

India

China

South A

frica

Indonesia

Malaysia

Thailand

UK

USA

Germ

any

France

Japan

(%)

13

.2

6.9

17

.1

10

.9

17

.3

16

.2

15

.3

13

.5

13

.0

15

.6

11

.8

13

.8

11

.6

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

Brazil

Russia

India

China

South

Africa

Indonesia

Malaysia

Thailand

UK

USA

Germ

any

France

Japan

(x)

h

3

Market Outlook

April 12, 2016


Exhibit 4: Relative performance of indices across globe

Returns (%)

Country Name of index Closing price 1M 3M 1YR

Brazil Bovespa 50,165 3.1 20.1 (4.1)

Russia Micex 1,907 1.2 9.1 14.3

India Nifty 7,671 2.5 (0.9) (11.4)

China Shanghai Composite 3,034 7.9 (7.9) (20.9)

South Africa Top 40 45,206 (3.0) 4.7 (3.4)

Mexico Mexbol 44,761 (0.5) 7.4 (0.3)

Indonesia LQ45 826 (0.9) 4.6 (14.1)

Malaysia KLCI 1,715 1.4 2.8 (6.5)

Thailand SET 50 869 (3.5) 11.7 (12.9)

USA Dow Jones 17,556 3.3 6.3 (2.3)

UK FTSE 6,200 1.2 4.9 (12.4)

Japan Nikkei 15,751 (5.4) (11.3) (17.3)

Germany DAX 9,683 (0.1) (1.7) (20.8)

France CAC 4,313 (2.1) (0.5) (16.1)


Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)

( ₹ ) Price ( ₹) ( ₹ cr ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E

Agri / Agri Chemical

Rallis Neutral 179 - 3,477 2,097 2,415 14.4 14.4 9.5 11.0 18.8 16.3 3.7 3.2 21.1 21.3 1.7 1.5

United Phosphorus Neutral 476 - 20,380 12,500 14,375 18.3 18.3 29.8 35.9 16.0 13.3 2.9 2.5 20.0 20.3 1.7 1.4

Auto & Auto Ancillary

Ashok Leyland Neutral 110 - 31,219 17,995 21,544 11.4 11.6 3.4 4.7 32.3 23.3 5.7 5.2 17.7 22.2 1.7 1.4

Bajaj Auto Accumulate 2,432 2,585 70,368 22,709 25,860 20.9 20.1 129.0 143.6 18.9 16.9 5.8 5.0 30.7 29.4 2.6 2.3

Bharat Forge Accumulate 777 875 18,088 7,351 8,318 19.9 19.7 31.2 36.5 24.9 21.3 4.5 3.8 19.3 19.2 2.6 2.3

Eicher Motors Neutral 19,389 - 52,663 15,556 16,747 15.5 17.3 464.8 597.5 41.7 32.5 15.2 11.2 36.2 34.3 3.3 3.0

Gabriel India Accumulate 91 101 1,311 1,415 1,544 8.7 9.0 4.6 5.4 19.8 16.9 3.6 3.2 18.1 18.9 0.9 0.8

Hero Motocorp Neutral 2,977 - 59,438 28,244 30,532 15.5 15.9 156.7 168.5 19.0 17.7 7.6 6.4 39.9 36.4 1.9 1.8

Jamna Auto Industries Accumulate 146 160 1,163 1,281 1,473 11.2 11.5 7.6 9.2 19.2 15.8 4.8 4.0 25.4 25.2 1.0 0.8

L G Balakrishnan & Bros Neutral 480 - 753 1,254 1,394 11.6 11.8 35.9 41.7 13.4 11.5 1.8 1.6 13.5 13.8 0.7 0.6

Mahindra and Mahindra Accumulate 1,233 1,364 76,553 38,416 42,904 13.7 13.9 54.8 63.4 22.5 19.4 3.5 3.1 15.4 15.8 1.6 1.4

Maruti Neutral 3,479 - 105,082 57,865 68,104 16.4 16.7 176.3 225.5 19.7 15.4 3.8 3.3 19.4 21.2 1.6 1.3

Minda Industries Neutral 1,011 - 1,604 2,523 2,890 8.7 9.0 55.0 65.4 18.4 15.5 3.6 2.9 19.3 18.7 0.7 0.6

Motherson Sumi Buy 253 313 33,419 39,343 45,100 8.8 9.1 10.1 12.5 25.0 20.2 7.9 6.2 35.3 34.4 0.9 0.8

Rane Brake Lining Buy 376 465 298 454 511 11.5 12.0 25.2 31.0 14.9 12.1 2.2 2.0 14.9 16.6 0.8 0.7

Setco Automotive Neutral 30 - 401 594 741 12.7 13.7 1.7 3.2 17.7 9.4 1.9 1.6 10.4 16.9 1.1 0.9

Tata Motors Neutral 386 - 111,403 259,686 273,957 13.0 13.4 25.9 29.5 14.9 13.1 2.0 1.7 8.0 9.0 0.6 0.6

TVS Motor Neutral 315 - 14,977 11,263 13,122 6.9 8.5 9.2 15.0 34.3 21.0 7.8 6.2 22.7 29.6 1.3 1.1

Amara Raja Batteries Buy 891 1,040 15,215 4,892 5,871 17.4 17.6 28.8 37.1 30.9 24.0 7.2 5.8 23.4 24.1 3.1 2.5

Exide Industries Buy 134 162 11,428 6,950 7,784 14.4 14.8 6.6 7.3 20.4 18.4 2.6 2.3 12.6 12.8 1.4 1.2

Apollo Tyres Accumulate 168 183 8,562 12,056 12,714 17.2 16.4 23.0 20.3 7.3 8.3 1.3 1.1 17.7 13.6 0.8 0.8

Ceat Neutral 1,073 - 4,340 6,041 6,597 14.1 13.7 99.5 111.9 10.8 9.6 2.1 1.8 19.6 18.5 0.9 0.7

JK Tyres Neutral 83 - 1,873 7,446 7,669 15.2 14.0 19.6 18.4 4.2 4.5 1.1 0.9 25.2 19.5 0.6 0.6

Swaraj Engines Neutral 989 - 1,228 552 630 14.2 14.7 44.6 54.1 22.2 18.3 5.2 4.7 23.2 25.6 2.1 1.8

Subros Neutral 87 - 524 1,293 1,527 11.8 11.9 4.2 6.7 20.8 13.0 1.6 1.4 7.7 11.5 0.7 0.6

Indag Rubber Neutral 178 - 468 283 329 17.0 17.2 13.0 15.4 13.8 11.6 3.0 2.5 21.8 21.6 1.4 1.1

Capital Goods

ACE Neutral 40 - 398 660 839 4.7 8.2 1.0 3.9 40.2 10.3 1.3 1.1 3.2 11.3 0.8 0.6

BEML Buy 882 1,157 3,671 3,277 4,006 6.0 8.9 36.2 64.3 24.4 13.7 1.7 1.5 5.7 11.7 1.2 0.9

Bharat Electronics Buy 1,151 1,414 27,616 7,737 8,634 16.8 17.2 54.0 61.5 21.3 18.7 3.0 2.7 39.3 45.6 2.7 2.3


April 12, 2016

Stock Watch



Capital Goods

Voltas Buy 276 353 9,118 5,363 5,963 8.0 9.1 11.0 13.8 25.1 20.0 3.8 3.4 16.2 17.9 1.6 1.5

BGR Energy Neutral 106 - 763 3,615 3,181 9.5 9.4 16.7 12.4 6.3 8.5 0.6 0.6 10.0 7.0 0.6 0.8

BHEL Neutral 127 - 31,170 33,722 35,272 10.8 11.7 10.5 14.2 12.1 9.0 0.9 0.8 7.0 9.0 1.0 1.0

Blue Star Buy 396 458 3,559 3,548 3,977 6.3 6.9 13.7 17.2 28.9 23.1 7.3 4.7 26.1 25.4 1.1 0.9

Crompton Greaves Neutral 52 - 3,278 13,484 14,687 4.9 6.2 4.5 7.1 11.6 7.4 0.8 0.8 7.2 10.8 0.4 0.3

Greaves Cotton Neutral 127 - 3,101 1,655 1,755 16.6 16.8 7.4 7.8 17.2 16.3 3.4 3.3 21.1 20.6 1.8 1.7

Inox Wind Buy 245 458 5,431 4,980 5,943 17.0 17.5 26.6 31.6 9.2 7.8 2.8 2.0 35.0 30.0 1.2 1.0

KEC International Neutral 130 - 3,329 8,791 9,716 6.1 6.8 5.4 8.2 24.0 15.8 2.4 2.2 10.0 14.0 0.6 0.6

Thermax Neutral 746 - 8,892 6,413 7,525 7.4 8.5 30.5 39.3 24.5 19.0 3.8 3.3 15.0 17.0 1.4 1.1

VATech Wabag Neutral 552 - 3,007 2,722 3,336 7.9 8.1 19.5 24.6 28.3 22.4 3.0 2.6 11.1 12.4 1.2 1.0

Cement

ACC Neutral 1,448 - 27,176 13,151 14,757 16.4 18.3 63.9 83.4 22.7 17.4 2.9 2.7 13.3 16.1 1.9 1.6

Ambuja Cements Neutral 224 - 34,762 11,564 12,556 19.4 20.7 8.9 10.1 25.2 22.2 3.2 3.0 12.8 13.8 2.7 2.4

HeidelbergCement Neutral 98 - 2,222 1,772 1,926 13.3 15.4 1.0 3.0 98.1 32.7 2.5 2.3 2.6 7.9 1.8 1.6

India Cements Neutral 92 - 2,823 4,216 4,840 18.0 19.5 4.0 9.9 23.0 9.3 0.9 0.9 4.0 9.5 1.0 0.8

JK Cement Neutral 673 - 4,706 3,661 4,742 10.1 15.8 7.5 28.5 89.7 23.6 2.7 2.4 7.5 22.9 1.8 1.3

J K Lakshmi Cement Neutral 346 - 4,070 2,947 3,616 16.7 19.9 11.5 27.2 30.1 12.7 2.9 2.5 9.8 20.8 1.8 1.4

Mangalam Cements Neutral 240 - 642 1,053 1,347 10.5 13.3 8.4 26.0 28.6 9.3 1.2 1.1 4.3 12.5 1.0 0.7

Orient Cement Neutral 156 - 3,196 1,854 2,524 21.2 22.2 7.7 11.1 20.3 14.1 2.9 2.5 13.3 15.7 2.5 1.7

Ramco Cements Neutral 435 - 10,354 4,036 4,545 20.8 21.3 15.1 18.8 28.8 23.1 3.5 3.1 12.9 14.3 3.1 2.7

Shree Cement^ Neutral 12,458 - 43,400 7,150 8,742 26.7 28.6 228.0 345.5 54.6 36.1 8.0 6.8 15.7 20.3 5.8 4.7

UltraTech Cement Neutral 3,154 - 86,547 24,669 29,265 18.2 20.6 82.0 120.0 38.5 26.3 4.1 3.6 11.3 14.7 3.6 3.0

Construction

ITNL Buy 77 93 2,518 7,360 8,825 34.0 35.9 7.0 9.0 10.9 8.5 0.4 0.4 3.2 3.7 3.7 3.6

KNR Constructions Buy 516 603 1,450 937 1,470 14.3 14.0 44.2 38.6 11.7 13.4 2.3 2.0 15.4 15.4 1.6 1.1

Larsen & Toubro Accumulate 1,213 1,310 112,970 58,870 65,708 8.3 10.3 42.0 53.0 28.9 22.9 2.0 1.8 8.8 11.2 2.1 1.9

Gujarat Pipavav Port Neutral 174 - 8,407 629 684 51.0 52.2 6.4 5.9 27.2 29.5 3.6 3.3 15.9 12.7 13.0 11.8

MBL Infrastructures Buy 154 285 637 2,313 2,797 12.2 14.6 19.0 20.0 8.1 7.7 0.8 0.8 11.3 10.6 1.0 0.9

Nagarjuna Const. Neutral 73 - 4,078 7,892 8,842 8.8 9.1 3.0 5.3 24.5 13.8 1.2 1.1 5.0 8.5 0.8 0.6

PNC Infratech Accumulate 527 558 2,703 1,873 2,288 13.2 13.5 24.0 32.0 22.0 16.5 2.1 1.9 12.1 12.3 1.5 1.3

Simplex Infra Neutral 246 - 1,216 5,955 6,829 10.3 10.5 16.0 31.0 15.4 7.9 0.8 0.7 5.3 9.9 0.7 0.6


April 12, 2016

Stock Watch



Construction

Power Mech Projects Neutral 582 - 856 1,539 1,801 12.8 12.7 59.0 72.1 9.9 8.1 1.5 1.3 18.6 16.8 0.6 0.5

Sadbhav Engineering Accumulate 271 289 4,646 3,481 4,219 10.7 10.8 8.2 11.7 33.0 23.2 3.2 2.8 10.3 13.5 1.6 1.3

NBCC Accumulate 974 1,089 11,693 5,816 7,382 6.9 7.7 29.6 39.8 32.9 24.5 5.9 4.7 24.1 26.7 1.7 1.3

MEP Infra Neutral 42 - 683 1,956 1,876 28.1 30.5 1.3 3.0 32.3 14.0 6.8 4.6 21.2 32.8 1.8 1.7

SIPL Neutral 100 - 3,522 675 1,042 62.4 64.7 - - 3.8 4.3 - - 16.9 11.4

Engineers India Neutral 164 - 5,517 1,667 1,725 13.5 16.0 9.7 11.4 16.9 14.4 2.0 1.9 11.7 13.4 2.1 2.1

Financials

Allahabad Bank Neutral 56 - 3,456 8,569 9,392 2.8 2.9 16.3 27.5 3.5 2.1 0.3 0.3 7.6 11.9 - -

Axis Bank Accumulate 430 494 102,438 26,473 31,527 3.5 3.6 35.7 43.5 12.0 9.9 2.0 1.7 17.9 18.9 - -

Bank of Baroda Neutral 149 - 34,378 18,485 21,025 1.9 2.0 13.5 21.1 11.1 7.1 0.9 0.8 7.3 10.6 - -

Bank of India Neutral 93 - 7,598 15,972 17,271 1.9 2.0 15.3 33.4 6.1 2.8 0.3 0.2 3.6 7.6 - -

Canara Bank Neutral 187 - 10,173 15,441 16,945 2.0 2.1 46.6 70.4 4.0 2.7 0.4 0.3 8.0 11.2 - -

Dena Bank Neutral 29 - 1,894 3,440 3,840 2.1 2.3 7.3 10.0 4.1 2.9 0.3 0.3 6.1 7.9 - -

Dewan Housing Finance Buy 190 270 5,549 1,892 2,277 2.9 2.9 25.9 30.8 7.3 6.2 1.1 1.0 15.3 15.9 - -

Federal Bank Neutral 44 - 7,490 3,477 3,999 3.0 3.0 5.0 6.2 8.7 7.0 0.9 0.8 10.6 11.9 - -

HDFC Neutral 1,080 - 170,567 10,358 11,852 3.3 3.3 41.1 47.0 26.3 23.0 5.0 4.5 24.7 24.9 - -

HDFC Bank Buy 1,070 1,262 270,478 38,309 47,302 4.3 4.3 49.3 61.1 21.7 17.5 3.8 3.2 18.5 19.7 - -

ICICI Bank Accumulate 225 254 130,717 34,279 39,262 3.3 3.3 21.0 24.4 10.7 9.2 1.8 1.5 14.4 14.7 - -

IDBI Bank Neutral 68 - 14,010 9,625 10,455 1.8 1.8 8.5 14.2 8.0 4.8 0.5 0.5 5.9 9.3 - -

Indian Bank Neutral 99 - 4,752 6,160 6,858 2.5 2.5 24.5 29.8 4.0 3.3 0.3 0.3 7.7 8.6 - -

LIC Housing Finance Buy 478 592 24,103 3,101 3,745 2.5 2.5 33.0 40.2 14.5 11.9 2.7 2.3 19.7 20.5 - -

Oriental Bank Neutral 90 - 2,878 7,643 8,373 2.4 2.4 37.2 45.4 2.4 2.0 0.2 0.2 8.2 9.4 - -

Punjab Natl.Bank Neutral 83 - 16,308 23,638 26,557 2.8 2.8 17.9 27.2 4.6 3.1 0.5 0.4 8.5 12.0 - -

South Ind.Bank Neutral 18 - 2,363 1,965 2,185 2.5 2.5 2.5 3.3 7.0 5.3 0.7 0.6 9.5 11.7 - -

St Bk of India Neutral 188 - 146,057 79,958 86,061 2.6 2.6 13.4 20.7 14.1 9.1 1.1 1.1 11.5 12.8 - -

Union Bank Neutral 130 - 8,906 12,646 14,129 2.3 2.4 31.0 39.1 4.2 3.3 0.5 0.4 9.8 11.4 - -

Vijaya Bank Neutral 31 - 2,924 3,536 3,827 1.9 1.9 5.5 6.7 5.7 4.7 0.5 0.4 7.8 8.8 - -

Yes Bank Neutral 860 - 36,149 7,190 9,011 3.2 3.3 58.2 69.7 14.8 12.3 2.6 2.2 19.2 19.6 - -

FMCG

Asian Paints Neutral 860 - 82,472 16,553 19,160 16.0 16.2 17.7 21.5 48.7 40.0 12.9 11.6 29.4 31.2 4.8 4.2

Britannia Neutral 2,656 - 31,870 8,481 9,795 14.0 14.1 65.5 78.3 40.6 33.9 19.2 15.8 38.3 41.2 3.6 3.1


April 12, 2016

Stock Watch



FMCG

Colgate Neutral 815 - 22,168 4,836 5,490 19.5 19.7 48.5 53.2 16.8 15.3 12.3 10.7 99.8 97.5 4.5 3.9

Dabur India Accumulate 252 267 44,401 9,370 10,265 17.1 17.2 7.3 8.1 34.4 31.2 10.4 8.4 33.7 30.6 4.6 4.2

GlaxoSmith Con* Neutral 6,030 - 25,358 4,919 5,742 17.2 17.4 168.3 191.2 35.8 31.5 10.2 8.7 28.8 28.9 4.7 4.0

Godrej Consumer Neutral 1,353 - 46,083 10,168 12,886 16.1 16.1 32.1 38.4 42.2 35.2 8.6 7.9 19.7 21.0 4.6 3.6

HUL Neutral 863 - 186,813 34,940 38,957 17.5 17.7 20.8 24.7 41.5 35.0 46.2 36.9 110.5 114.2 5.2 4.6

ITC Accumulate 327 359 262,741 36,804 38,776 37.9 37.9 12.2 12.9 26.8 25.3 7.4 6.5 27.7 25.8 6.7 6.4

Marico Neutral 254 - 32,712 6,551 7,766 15.7 16.0 10.4 12.5 24.4 20.3 7.1 5.9 33.2 32.4 4.9 4.2

Nestle* Accumulate 5,873 6,646 56,622 11,291 12,847 22.2 22.3 158.9 184.6 37.0 31.8 19.3 17.4 55.0 57.3 4.9 4.2

Tata Global Buy 120 144 7,542 8,635 9,072 9.8 9.9 6.5 7.6 18.4 15.7 1.8 1.8 6.8 7.4 0.8 0.8

IT

HCL Tech^ Buy 839 1,038 118,352 42,038 47,503 21.2 21.5 51.5 57.7 16.3 14.5 3.5 2.7 21.5 18.8 2.4 2.0

Infosys Accumulate 1,184 1,347 272,938 61,850 69,981 27.5 27.5 59.4 65.7 19.9 18.0 4.2 3.6 21.2 20.1 3.7 3.1

TCS Accumulate 2,507 2,854 493,917 108,487 122,590 28.3 28.5 122.8 138.4 20.4 18.1 7.8 7.0 38.0 38.9 4.1 3.6

Tech Mahindra Accumulate 469 530 45,371 26,524 29,177 16.2 17.0 28.8 33.6 16.3 14.0 3.1 2.7 19.3 19.1 1.5 1.3

Wipro Buy 565 680 139,657 50,808 56,189 23.7 23.8 37.3 40.7 15.2 13.9 2.9 2.6 19.2 17.7 2.2 1.8

Media

D B Corp Accumulate 311 356 5,722 2,241 2,495 27.8 27.9 21.8 25.6 14.3 12.2 3.7 3.3 26.7 28.5 2.5 2.2

HT Media Neutral 80 - 1,860 2,495 2,603 11.2 11.2 7.3 8.6 11.0 9.3 0.9 0.8 7.4 8.1 0.3 0.2

Jagran Prakashan Buy 158 189 5,170 2,170 2,355 27.2 26.2 8.9 9.9 17.8 16.0 3.7 3.3 20.9 20.5 2.3 2.1

Sun TV Network Neutral 355 - 13,974 2,779 3,196 70.2 70.5 22.8 27.3 15.6 13.0 3.8 3.5 26.7 28.3 4.8 4.1Hindustan Media Ventures Neutral 250 - 1,833 920 1,031 20.0 20.0 19.2 20.9 13.0 12.0 2.1 1.8 16.4 15.3 1.5 1.3

Metals & Mining

Coal India Buy 281 380 177,395 76,167 84,130 19.9 22.3 22.4 25.8 12.5 10.9 4.5 4.4 35.5 41.0 1.7 1.5

Hind. Zinc Accumulate 160 175 67,647 14,641 14,026 50.4 50.4 17.7 16.0 9.1 10.0 1.4 1.3 16.2 13.2 2.2 2.1

Hindalco Neutral 92 - 19,070 104,356 111,186 8.7 9.5 6.7 11.1 13.7 8.4 0.5 0.5 3.5 5.9 0.7 0.6

JSW Steel Neutral 1,301 - 31,450 42,308 45,147 16.4 20.7 (10.3) 49.5 26.3 1.5 1.4 (1.0) 5.6 1.8 1.7

NMDC Neutral 103 - 40,698 8,237 10,893 46.6 44.5 10.0 11.7 10.3 8.8 1.2 1.0 12.5 13.0 4.7 3.6

SAIL Neutral 44 - 18,069 45,915 53,954 7.2 10.5 1.5 4.4 29.1 10.0 0.4 0.4 2.3 4.1 1.0 0.9

Vedanta Neutral 90 - 26,771 71,445 81,910 26.2 26.3 12.9 19.2 7.0 4.7 0.5 0.4 7.2 8.9 0.8 0.6

Tata Steel Neutral 331 - 32,162 126,760 137,307 8.9 11.3 6.4 23.1 52.1 14.4 1.0 1.0 2.0 7.1 0.8 0.8

Oil & Gas

Cairn India Neutral 152 - 28,414 11,323 12,490 49.4 51.0 20.7 20.7 7.3 7.3 0.5 0.5 6.4 6.1 1.6 0.9

GAIL Neutral 352 - 44,600 64,856 70,933 9.1 9.6 24.0 28.9 14.7 12.2 1.3 1.2 8.8 9.6 0.9 0.8


April 12, 2016

Stock Watch



Oil & Gas

ONGC Neutral 207 - 177,484 154,564 167,321 36.8 37.4 28.6 32.5 7.3 6.4 0.9 0.9 12.7 13.5 1.4 1.3

Petronet LNG Neutral 244 - 18,315 29,691 31,188 5.8 6.2 12.8 13.4 19.1 18.2 2.9 2.5 15.8 14.8 0.7 0.7

Indian Oil Corp Accumulate 416 455 101,003 359,607 402,760 5.9 6.1 42.5 48.7 9.8 8.5 1.3 1.2 14.1 14.4 0.4 0.3

Reliance Industries Accumulate 1,040 1,150 336,950 304,775 344,392 12.6 13.4 91.3 102.6 11.4 10.1 1.3 1.2 11.8 12.0 1.0 0.9

Pharmaceuticals

Alembic Pharma Neutral 553 - 10,416 3,274 3,802 26.9 19.4 35.0 28.7 15.8 19.3 7.0 5.3 55.6 31.2 3.2 2.6

Aurobindo Pharma Accumulate 772 856 45,184 14,923 17,162 22.0 23.0 35.7 42.8 21.6 18.0 6.4 4.8 34.0 30.2 3.4 2.9

Aventis* Neutral 4,414 - 10,166 2,082 2,371 17.4 20.8 118.2 151.5 37.3 29.1 5.5 4.4 19.9 25.5 4.6 3.8

Cadila Healthcare Accumulate 317 352 32,463 10,224 11,840 21.0 22.0 14.6 17.6 21.7 18.0 6.0 4.7 30.8 29.0 3.2 2.7

Cipla Buy 503 605 40,378 13,979 16,447 20.2 18.6 25.7 27.5 19.6 18.3 3.2 2.8 17.6 16.1 2.9 2.4

Dr Reddy's Buy 3,029 3,933 51,648 16,838 19,575 25.0 23.1 167.5 178.8 18.1 16.9 3.8 3.2 23.1 20.4 3.0 2.5

Dishman Pharma Neutral 334 - 2,696 1,733 1,906 21.5 21.5 17.0 19.9 19.7 16.8 2.0 1.8 10.5 11.2 2.1 1.8

GSK Pharma* Neutral 3,668 - 31,068 2,870 3,158 20.0 22.1 59.5 68.3 61.7 53.7 18.2 18.7 28.5 34.3 10.3 9.4

Indoco Remedies Neutral 271 - 2,501 1,033 1,199 15.9 18.2 9.4 13.6 28.9 20.0 4.3 3.6 15.7 19.7 2.5 2.2

Ipca labs Buy 488 900 6,156 3,363 3,909 12.9 18.6 13.4 28.0 36.4 17.4 2.6 2.3 7.4 14.0 2.1 1.8

Lupin Neutral 1,518 - 68,376 13,092 16,561 25.0 27.0 50.4 68.3 30.1 22.2 6.2 4.9 22.8 24.7 4.9 3.8

Sun Pharma Buy 817 950 196,553 28,163 32,610 25.8 30.7 17.4 26.9 46.9 30.4 4.5 3.9 13.0 16.6 6.4 5.4

Power

Tata Power Neutral 68 - 18,310 35,923 37,402 22.6 22.8 4.1 5.2 16.7 13.1 1.3 1.2 7.5 9.3 1.5 1.3

NTPC Accumulate 135 146 110,984 87,271 99,297 23.5 23.5 11.8 13.3 11.5 10.1 1.3 1.2 11.5 12.2 2.3 2.0

Power Grid Buy 142 170 74,341 20,702 23,361 86.7 86.4 12.1 13.2 11.8 10.8 1.7 1.5 15.6 15.1 8.5 7.9

Real Estate

MLIFE Buy 437 554 1,791 697 1,011 14.9 19.3 13.8 20.1 31.6 21.7 1.2 1.1 3.8 5.3 3.9 2.6

Telecom

Bharti Airtel Neutral 348 - 139,249 101,748 109,191 32.1 31.7 12.0 12.5 29.0 27.9 2.0 1.9 6.9 6.7 2.0 1.8

Idea Cellular Neutral 115 - 41,514 34,282 36,941 32.0 31.5 5.9 6.2 19.5 18.6 1.8 1.6 9.9 9.3 1.8 1.7

zOthers

Abbott India Neutral 4,614 - 9,805 2,715 3,153 14.5 14.1 134.3 152.2 34.4 30.3 8.6 7.1 27.4 25.6 3.3 2.8

Bajaj Electricals Accumulate 212 237 2,139 4,719 5,287 5.2 5.8 8.6 12.7 24.8 16.7 2.8 2.5 11.4 14.8 0.5 0.4

Finolex Cables Neutral 281 - 4,297 2,520 2,883 12.2 12.0 12.7 14.2 22.2 19.8 3.0 2.7 13.6 13.5 1.5 1.2

Goodyear India* Buy 492 582 1,136 1,800 1,600 11.7 11.5 58.7 52.9 8.4 9.3 1.9 1.6 24.6 18.7 0.4 0.4

Hitachi Neutral 1,182 - 3,213 1,779 2,081 7.8 8.8 21.8 33.4 54.2 35.4 8.8 7.1 17.4 22.1 1.9 1.6

Jyothy Laboratories Neutral 301 - 5,447 1,620 1,847 11.5 11.5 7.3 8.5 41.3 35.5 5.3 4.9 13.3 14.4 3.2 2.8

MRF Buy 35,826 45,575 15,194 20,316 14,488 21.4 21.1 5,488.0 3,798.0 6.5 9.4 2.2 1.8 41.1 21.2 0.7 0.9


April 12, 2016

Stock Watch



zOthers

Page Industries Neutral 12,957 - 14,453 1,929 2,450 19.8 20.1 229.9 299.0 56.4 43.3 24.9 17.3 52.1 47.1 7.5 5.9

Relaxo Footwears Neutral 487 - 5,844 1,767 2,152 12.3 12.5 19.3 25.1 25.3 19.4 6.2 4.8 27.7 27.8 3.4 2.7

Siyaram Silk Mills Buy 997 1,354 935 1,636 1,815 11.5 11.5 89.9 104.1 11.1 9.6 1.8 1.6 17.9 17.8 0.7 0.7

Styrolution ABS India* Neutral 590 - 1,038 1,271 1,440 8.6 9.2 32.0 41.1 18.4 14.4 1.9 1.7 10.7 12.4 0.8 0.7

TVS Srichakra Buy 2,477 3,217 1,897 2,035 2,252 15.9 15.3 248.6 268.1 10.0 9.2 4.4 3.1 43.6 33.9 1.0 0.8

HSIL Neutral 301 - 2,177 2,123 2,384 16.1 16.5 15.0 18.9 20.0 16.0 1.6 1.4 8.0 9.4 1.4 1.2Kirloskar Engines India Ltd Neutral 232 - 3,355 2,403 2,554 8.6 9.9 9.2 10.5 25.3 22.1 2.4 2.3 9.7 10.7 1.0 1.0

M M Forgings Buy 450 614 543 511 615 21.7 21.6 43.1 55.8 10.4 8.1 1.9 1.6 19.9 21.2 1.3 1.0

Banco Products (India) Neutral 123 - 880 1,208 1,353 11.0 12.3 10.8 14.5 11.4 8.5 1.3 1.2 11.9 14.5 0.7 0.6

Competent Automobiles Neutral 143 - 88 1,040 1,137 3.2 3.1 25.7 28.0 5.5 5.1 0.8 0.7 15.0 14.3 0.1 0.1

Nilkamal Neutral 1,330 - 1,985 1,871 2,031 10.7 10.5 63.2 69.8 21.1 19.1 3.4 2.9 17.6 16.6 1.1 1.0

Visaka Industries Buy 121 144 193 1,086 1,197 9.9 10.3 21.5 28.8 5.6 4.2 0.5 0.5 9.6 11.6 0.4 0.3Transport Corporation of India Neutral 273 - 2,074 2,830 3,350 8.8 9.0 14.4 18.3 19.0 14.9 2.9 2.5 15.4 17.1 0.9 0.7

Elecon Engineering Neutral 62 - 680 1,359 1,482 10.3 13.7 0.8 3.9 77.7 16.0 1.3 1.2 1.6 7.8 0.9 0.8

Surya Roshni Buy 150 201 655 2,992 3,223 8.1 8.4 14.7 18.3 10.2 8.2 1.0 0.9 9.7 11.0 0.5 0.5

MT Educare Neutral 181 - 720 286 366 18.3 17.7 7.7 9.4 23.4 19.3 4.9 4.3 20.2 21.1 2.4 1.8

Radico Khaitan Buy 91 156 1,209 1,517 1,635 12.7 13.4 5.8 7.1 15.6 12.8 1.3 1.2 8.6 9.6 1.3 1.2

Garware Wall Ropes Buy 330 473 722 862 974 11.2 11.2 24.9 29.6 13.3 11.2 2.0 1.7 15.1 15.4 0.8 0.7

Wonderla Holidays Neutral 377 - 2,132 206 308 44.0 43.6 9.0 12.9 41.9 29.3 5.7 5.2 13.7 17.8 10.3 6.8

Linc Pen & Plastics Neutral 190 - 280 340 371 8.3 8.9 10.8 13.2 17.6 14.4 2.8 2.5 16.0 17.1 0.9 0.8

The Byke Hospitality Neutral 156 - 626 222 287 20.5 20.5 5.6 7.6 27.7 20.7 5.2 4.3 18.9 20.8 2.9 2.2

Interglobe Aviation Neutral 986 - 35,520 17,022 21,122 20.7 14.5 63.9 53.7 15.4 18.4 23.1 18.9 149.9 103.2 2.1 1.7Coffee Day Enterprises Ltd Neutral 234 - 4,816 2,692 2,964 17.0 18.6 - 4.7 - 49.3 2.9 2.7 0.2 5.5 2.2 2.0

Navneet Education Neutral 84 - 1,996 998 1,062 24.1 24.0 5.8 6.1 14.6 13.8 3.2 2.8 22.0 20.6 2.1 2.0

Navkar Corporation Buy 183 265 2,609 365 436 38.3 37.5 5.6 5.9 32.5 31.1 2.0 1.9 6.3 6.1 8.0 6.8

UFO Moviez Neutral 491 - 1,349 558 619 32.0 33.2 22.5 30.0 21.8 16.4 2.6 2.3 12.0 13.8 2.3 1.9

VRL Logistics Neutral 377 - 3,437 1,725 1,902 16.5 16.7 12.2 14.6 31.0 25.9 6.4 5.7 20.8 21.9 2.1 1.9

Team Lease Serv. Neutral 864 - 1,478 2,565 3,229 1.3 1.5 15.2 22.8 57.0 38.0 4.6 4.1 8.0 10.7 0.5 0.4

S H Kelkar & Co. Neutral 239 - 3,454 928 1,036 15.3 15.1 4.9 6.1 48.4 39.1 4.5 4.2 9.4 10.7 3.6 3.2


April 12, 2016

Stock Watch



zOthers

Quick Heal Neutral 226 - 1,581 339 408 27.8 27.3 7.1 7.7 31.9 29.2 2.7 2.7 8.5 9.3 3.6 3.0

Narayana Hrudaya Neutral 300 - 6,128 1,603 1,873 10.9 11.5 1.0 2.6 314.8 113.4 7.6 7.0 2.4 6.1 4.0 3.4

Manpasand Bever. Neutral 492 - 2,465 540 836 19.9 19.6 10.2 16.9 48.1 29.2 3.9 3.5 8.1 12.0 4.2 2.7

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on April 11, 2016


April 12, 2016

Stock Watch

Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

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